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This recent report suggests steady saving for retirement is not important

This recent report suggests steady saving for retirement is not important

15.8.2019

This recent report suggests steady saving for retirement is not important

ICI conclusions rest on shaky assumptions and exaggerate levels of Social Security benefits

Finally, participation rates are not improving: according to the SOI data the rate was 56% in 2008 and 57% in 2016. So, participation rates are simply not as high as ICI reports, and they are not getting better over time.

The bottom line is that contrary to the thrust of the ICI study, continuous saving is important across the earnings distribution. Just because middle-income households don’t cite retirement saving as a major motivation for saving does not mean that they are correct. It is not enough for people to start saving when they feel the need to. At current 401(k) contribution rates, intermittent saving simply will not produce adequate resources.

Read more: MarketWatch

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